While some car-buyers at our dealership can afford to purchase a new MINI car with cash, the reality is that most people require a financing plan when they purchase a new car. Here at MINI of Bedford, we know that talking about auto financing and car loans isn’t as fun as talking about the features on MINI cars, but it is a necessary part of the car-buying process. Luckily, the finance professionals at our MINI finance center are happy to explain exactly how to apply for a car loan so that you can drive off our lot in a hot new MINI car.
Step 1 — Credit Check: Your credit score plays a large role in the rate that you’ll pay for your auto loan. A high credit score will help you get a lower car loan rate, which will then save you money on interest. Your credit score is based on the information in your credit reports, and you can check online for free.
Step 2 – Choose Your Payment Schedule: In this step, the goal is to figure out how much you can afford to spend each month on your car payment. The longer the term of the car loan, the lower the monthly payment will be. However, a longer car loan also means more time spent where you will owe more than the vehicle is worth.
Step 3 – Get Pre-Approved: During this step, you will meet with a professional from our finance center to decide the loan that is right for you. Once you qualify for a loan, you get a pre-approval that will be good for a certain amount of time and up to a certain amount of money.
If you’re ready to get the ball rolling on your MINI car loan, visit MINI of Bedford today.